Annual report

Period2024-04-01 → 2025-03-31
Filed2025-06-27
StandardJapan GAAP
ConsolidatedYes
Data checks24 of 24 passed
Key figures · 153
MetricValuePeriodScopeSource row
Revenue¥165.3bn2024-04-01 → 2025-03-31Cons.Net sales
Revenue¥155.6bn2023-04-01 → 2024-03-31Cons.Net sales
Revenue¥148.2bn2022-04-01 → 2023-03-31vCons.Net sales (5-year summary)
Revenue¥137.6bn2021-04-01 → 2022-03-31vCons.Net sales (5-year summary)
Revenue¥131.7bn2020-04-01 → 2021-03-31dCons.Net sales (5-year summary)
Operating income¥2.4bn2024-04-01 → 2025-03-31Cons.Operating income
Operating income¥2.3bn2023-04-01 → 2024-03-31Cons.Operating income
Ordinary income¥3.5bn2024-04-01 → 2025-03-31Cons.Ordinary income
Ordinary income¥3.4bn2023-04-01 → 2024-03-31Cons.Ordinary income
Ordinary income¥3.8bn2022-04-01 → 2023-03-31vCons.Ordinary income loss (5-year summary)
Ordinary income¥3.4bn2021-04-01 → 2022-03-31vCons.Ordinary income loss (5-year summary)
Ordinary income¥3.3bn2020-04-01 → 2021-03-31dCons.Ordinary income loss (5-year summary)
Profit before tax¥4.1bn2024-04-01 → 2025-03-31Cons.Income before income taxes
Profit before tax¥4.5bn2023-04-01 → 2024-03-31Cons.Income before income taxes
Net income (owners)¥2.9bn2024-04-01 → 2025-03-31Cons.Profit loss attributable to owners of parent
Net income (owners)¥2.6bn2023-04-01 → 2024-03-31Cons.Profit loss attributable to owners of parent
Net income (owners)¥2.6bn2022-04-01 → 2023-03-31vCons.Profit loss attributable to owners of parent (5-year summary)
Net income (owners)¥2.4bn2021-04-01 → 2022-03-31vCons.Profit loss attributable to owners of parent (5-year summary)
Net income (owners)¥2.2bn2020-04-01 → 2021-03-31dCons.Profit loss attributable to owners of parent (5-year summary)
Net income¥2.9bn2024-04-01 → 2025-03-31Cons.Profit loss
Net income¥2.6bn2023-04-01 → 2024-03-31Cons.Profit loss
Total assets¥85.5bnat 2025-03-31Cons.Assets
Total assets¥80.0bnat 2024-03-31Cons.Assets
Total assets¥72.0bnat 2023-03-31vCons.Total assets (5-year summary)
Total assets¥64.4bnat 2022-03-31vCons.Total assets (5-year summary)
Total assets¥63.2bnat 2021-03-31dCons.Total assets (5-year summary)
Total liabilities¥53.2bnat 2025-03-31Cons.Liabilities
Total liabilities¥48.8bnat 2024-03-31Cons.Liabilities
Net assets / equity¥32.3bnat 2025-03-31Cons.Net assets
Net assets / equity¥31.2bnat 2024-03-31Cons.Net assets
Net assets / equity¥28.2bnat 2023-03-31vCons.Net assets
Net assets / equity¥25.9bnat 2022-03-31vCons.Net assets (5-year summary)
Net assets / equity¥24.4bnat 2021-03-31dCons.Net assets (5-year summary)
Cash and deposits¥4.8bnat 2025-03-31Cons.Cash and deposits
Cash and deposits¥5.5bnat 2024-03-31Cons.Cash and deposits
Cash & equivalents¥4.8bnat 2025-03-31Cons.Cash and cash equivalents
Cash & equivalents¥5.5bnat 2024-03-31Cons.Cash and cash equivalents
Cash & equivalents¥3.4bnat 2023-03-31vCons.Cash and cash equivalents
Cash & equivalents¥3.3bnat 2022-03-31vCons.Cash and cash equivalents (5-year summary)
Cash & equivalents¥3.6bnat 2021-03-31dCons.Cash and cash equivalents (5-year summary)
Operating cash flow¥2.5bn2024-04-01 → 2025-03-31Cons.Net cash provided by used in operating activities
Operating cash flow¥3.7bn2023-04-01 → 2024-03-31Cons.Net cash provided by used in operating activities
Operating cash flow¥2.3bn2022-04-01 → 2023-03-31vCons.Net cash provided by used in operating activities (5-year summary)
Operating cash flow¥1.9bn2021-04-01 → 2022-03-31vCons.Net cash provided by used in operating activities (5-year summary)
Operating cash flow−¥939m2020-04-01 → 2021-03-31dCons.Net cash provided by used in operating activities (5-year summary)
Investing cash flow−¥7.3bn2024-04-01 → 2025-03-31Cons.Net cash provided by used in investment activities
Investing cash flow−¥316m2023-04-01 → 2024-03-31Cons.Net cash provided by used in investment activities
Investing cash flow−¥2.8bn2022-04-01 → 2023-03-31vCons.Net cash provided by used in investing activities (5-year summary)
Investing cash flow−¥710m2021-04-01 → 2022-03-31vCons.Net cash provided by used in investing activities (5-year summary)
Investing cash flow−¥1.7bn2020-04-01 → 2021-03-31dCons.Net cash provided by used in investing activities (5-year summary)
Financing cash flow¥4.1bn2024-04-01 → 2025-03-31Cons.Net cash provided by used in financing activities
Financing cash flow−¥1.3bn2023-04-01 → 2024-03-31Cons.Net cash provided by used in financing activities
Financing cash flow¥618m2022-04-01 → 2023-03-31vCons.Net cash provided by used in financing activities (5-year summary)
Financing cash flow−¥1.6bn2021-04-01 → 2022-03-31vCons.Net cash provided by used in financing activities (5-year summary)
Financing cash flow¥2.8bn2020-04-01 → 2021-03-31dCons.Net cash provided by used in financing activities (5-year summary)
EPS (basic)¥145.72024-04-01 → 2025-03-31Cons.Basic earnings loss per share (5-year summary)
EPS (basic)¥128.842023-04-01 → 2024-03-31Cons.Basic earnings loss per share (5-year summary)
EPS (basic)¥126.772022-04-01 → 2023-03-31vCons.Basic earnings loss per share (5-year summary)
EPS (basic)¥118.882021-04-01 → 2022-03-31vCons.Basic earnings loss per share (5-year summary)
EPS (basic)¥110.332020-04-01 → 2021-03-31dCons.Basic earnings loss per share (5-year summary)
EPS (diluted)¥145.162024-04-01 → 2025-03-31Cons.Diluted earnings per share (5-year summary)
EPS (diluted)¥128.332023-04-01 → 2024-03-31Cons.Diluted earnings per share (5-year summary)
EPS (diluted)¥126.242022-04-01 → 2023-03-31vCons.Diluted earnings per share (5-year summary)
EPS (diluted)¥118.382021-04-01 → 2022-03-31vCons.Diluted earnings per share (5-year summary)
EPS (diluted)¥109.882020-04-01 → 2021-03-31dCons.Diluted earnings per share (5-year summary)
Net assets per share¥1,661.7at 2025-03-31Cons.Net assets per share (5-year summary)
Net assets per share¥1,566.31at 2024-03-31Cons.Net assets per share (5-year summary)
Net assets per share¥1,386.44at 2023-03-31vCons.Net assets per share (5-year summary)
Net assets per share¥1,276.94at 2022-03-31vCons.Net assets per share (5-year summary)
Net assets per share¥1,199.24at 2021-03-31dCons.Net assets per share (5-year summary)
Equity ratio37.7%at 2025-03-31Cons.Equity to asset ratio (5-year summary)
Equity ratio39.0%at 2024-03-31Cons.Equity to asset ratio (5-year summary)
Equity ratio39.0%at 2023-03-31vCons.Equity to asset ratio (5-year summary)
Equity ratio40.2%at 2022-03-31vCons.Equity to asset ratio (5-year summary)
Equity ratio38.4%at 2021-03-31dCons.Equity to asset ratio (5-year summary)
ROE9.1%2024-04-01 → 2025-03-31Cons.Rate of return on equity (5-year summary)
ROE8.8%2023-04-01 → 2024-03-31Cons.Rate of return on equity (5-year summary)
ROE9.5%2022-04-01 → 2023-03-31vCons.Rate of return on equity (5-year summary)
ROE9.6%2021-04-01 → 2022-03-31vCons.Rate of return on equity (5-year summary)
ROE9.7%2020-04-01 → 2021-03-31dCons.Rate of return on equity (5-year summary)
Employees938at 2025-03-31Cons.Number of employees
Employees903at 2024-03-31Cons.Number of employees
Employees874at 2023-03-31vCons.Number of employees
Employees869at 2022-03-31vCons.Number of employees
Employees843at 2021-03-31dCons.Number of employees
Revenue¥1.5bn2024-04-01 → 2025-03-31StandaloneNet sales
Revenue¥1.5bn2023-04-01 → 2024-03-31StandaloneNet sales
Revenue¥1.4bn2022-04-01 → 2023-03-31vStandaloneNet sales (5-year summary)
Revenue¥1.3bn2021-04-01 → 2022-03-31vStandaloneNet sales (5-year summary)
Revenue¥1.4bn2020-04-01 → 2021-03-31dStandaloneNet sales (5-year summary)
Operating income¥108m2024-04-01 → 2025-03-31StandaloneOperating income
Operating income¥110m2023-04-01 → 2024-03-31StandaloneOperating income
Ordinary income¥189m2024-04-01 → 2025-03-31StandaloneOrdinary income
Ordinary income¥220m2023-04-01 → 2024-03-31StandaloneOrdinary income
Ordinary income¥461m2022-04-01 → 2023-03-31vStandaloneOrdinary income loss (5-year summary)
Ordinary income¥389m2021-04-01 → 2022-03-31vStandaloneOrdinary income loss (5-year summary)
Ordinary income¥539m2020-04-01 → 2021-03-31dStandaloneOrdinary income loss (5-year summary)
Profit before tax¥847m2024-04-01 → 2025-03-31StandaloneIncome before income taxes
Profit before tax¥1.3bn2023-04-01 → 2024-03-31StandaloneIncome before income taxes
Net income¥760m2024-04-01 → 2025-03-31StandaloneProfit loss
Net income¥758m2023-04-01 → 2024-03-31StandaloneProfit loss
Net income¥484m2022-04-01 → 2023-03-31vStandaloneNet income loss (5-year summary)
Net income¥580m2021-04-01 → 2022-03-31vStandaloneNet income loss (5-year summary)
Net income¥681m2020-04-01 → 2021-03-31dStandaloneNet income loss (5-year summary)
Total assets¥31.5bnat 2025-03-31StandaloneAssets
Total assets¥25.4bnat 2024-03-31StandaloneAssets
Total assets¥23.0bnat 2023-03-31vStandaloneTotal assets (5-year summary)
Total assets¥23.7bnat 2022-03-31vStandaloneTotal assets (5-year summary)
Total assets¥20.5bnat 2021-03-31dStandaloneTotal assets (5-year summary)
Total liabilities¥15.4bnat 2025-03-31StandaloneLiabilities
Total liabilities¥8.3bnat 2024-03-31StandaloneLiabilities
Net assets / equity¥16.1bnat 2025-03-31StandaloneNet assets
Net assets / equity¥17.0bnat 2024-03-31StandaloneNet assets
Net assets / equity¥16.3bnat 2023-03-31vStandaloneNet assets
Net assets / equity¥16.3bnat 2022-03-31vStandaloneNet assets (5-year summary)
Net assets / equity¥16.4bnat 2021-03-31dStandaloneNet assets (5-year summary)
Cash and deposits¥180mat 2025-03-31StandaloneCash and deposits
Cash and deposits¥117mat 2024-03-31StandaloneCash and deposits
EPS (basic)¥38.352024-04-01 → 2025-03-31StandaloneBasic earnings loss per share (5-year summary)
EPS (basic)¥37.452023-04-01 → 2024-03-31StandaloneBasic earnings loss per share (5-year summary)
EPS (basic)¥23.892022-04-01 → 2023-03-31vStandaloneBasic earnings loss per share (5-year summary)
EPS (basic)¥28.642021-04-01 → 2022-03-31vStandaloneBasic earnings loss per share (5-year summary)
EPS (basic)¥33.662020-04-01 → 2021-03-31dStandaloneBasic earnings loss per share (5-year summary)
EPS (diluted)¥38.212024-04-01 → 2025-03-31StandaloneDiluted earnings per share (5-year summary)
EPS (diluted)¥37.32023-04-01 → 2024-03-31StandaloneDiluted earnings per share (5-year summary)
EPS (diluted)¥23.792022-04-01 → 2023-03-31vStandaloneDiluted earnings per share (5-year summary)
EPS (diluted)¥28.532021-04-01 → 2022-03-31vStandaloneDiluted earnings per share (5-year summary)
EPS (diluted)¥33.532020-04-01 → 2021-03-31dStandaloneDiluted earnings per share (5-year summary)
Dividend per share¥482024-04-01 → 2025-03-31StandaloneDividend paid per share (5-year summary)
Dividend per share¥422023-04-01 → 2024-03-31StandaloneDividend paid per share (5-year summary)
Dividend per share¥602022-04-01 → 2023-03-31vStandaloneDividend paid per share (5-year summary)
Dividend per share¥702021-04-01 → 2022-03-31vStandaloneDividend paid per share (5-year summary)
Dividend per share¥602020-04-01 → 2021-03-31dStandaloneDividend paid per share (5-year summary)
Net assets per share¥828.83at 2025-03-31StandaloneNet assets per share (5-year summary)
Net assets per share¥852.48at 2024-03-31StandaloneNet assets per share (5-year summary)
Net assets per share¥801.66at 2023-03-31vStandaloneNet assets per share (5-year summary)
Net assets per share¥799.79at 2022-03-31vStandaloneNet assets per share (5-year summary)
Net assets per share¥809.75at 2021-03-31dStandaloneNet assets per share (5-year summary)
Equity ratio51.0%at 2025-03-31StandaloneEquity to asset ratio (5-year summary)
Equity ratio66.9%at 2024-03-31StandaloneEquity to asset ratio (5-year summary)
Equity ratio70.6%at 2023-03-31vStandaloneEquity to asset ratio (5-year summary)
Equity ratio68.3%at 2022-03-31vStandaloneEquity to asset ratio (5-year summary)
Equity ratio79.9%at 2021-03-31dStandaloneEquity to asset ratio (5-year summary)
ROE4.6%2024-04-01 → 2025-03-31StandaloneRate of return on equity (5-year summary)
ROE4.6%2023-04-01 → 2024-03-31StandaloneRate of return on equity (5-year summary)
ROE3.0%2022-04-01 → 2023-03-31vStandaloneRate of return on equity (5-year summary)
ROE3.6%2021-04-01 → 2022-03-31vStandaloneRate of return on equity (5-year summary)
ROE4.2%2020-04-01 → 2021-03-31dStandaloneRate of return on equity (5-year summary)
Shares issued21,293,052at 2025-03-31StandaloneTotal number of issued shares (5-year summary)
Shares issued21,293,052at 2024-03-31StandaloneTotal number of issued shares (5-year summary)
Shares issued21,293,052at 2023-03-31vStandaloneTotal number of issued shares (5-year summary)
Shares issued10,646,526at 2022-03-31vStandaloneTotal number of issued shares (5-year summary)
Shares issued10,646,526at 2021-03-31dStandaloneTotal number of issued shares (5-year summary)

Periods use the dates stated in the filing. d = earlier-year period dated by calendar; v = that date confirmed by the company's own earlier filing.

Segments · 13
SegmentItemPeriodValue
Operating Segments Not Included In Reportable Segments And Other Revenue Generating Business Activitiesother segmentsrevenue2024-04-01 → 2025-03-31¥1.4bn
Air Conditioning And Pumping Equipmentreportable segmentrevenue2024-04-01 → 2025-03-31¥40.6bn
Household Appliancereportable segmentrevenue2024-04-01 → 2025-03-31¥29.4bn
Plumber Equipmentreportable segmentrevenue2024-04-01 → 2025-03-31¥46.7bn
Sanitary Equipmentreportable segmentrevenue2024-04-01 → 2025-03-31¥47.2bn
—segment totalrevenue2024-04-01 → 2025-03-31¥163.9bn
Total Of Reportable Segments And Otherssegment totalemployeesat 2025-03-31876 pure
Operating Segments Not Included In Reportable Segments And Other Revenue Generating Business Activitiesother segmentsrevenue2023-04-01 → 2024-03-31¥1.3bn
Air Conditioning And Pumping Equipmentreportable segmentrevenue2023-04-01 → 2024-03-31¥36.2bn
Household Appliancereportable segmentrevenue2023-04-01 → 2024-03-31¥26.9bn
Plumber Equipmentreportable segmentrevenue2023-04-01 → 2024-03-31¥45.6bn
Sanitary Equipmentreportable segmentrevenue2023-04-01 → 2024-03-31¥45.7bn
—segment totalrevenue2023-04-01 → 2024-03-31¥154.3bn

Segment names come from EDINET member IDs; not yet mapped to a common taxonomy.

All source rows · 1,870
ItemContextValueUnit
Net assetsCurrentYearInstant_NonConsolidatedMember_GeneralReserveMember4420000000JPY
Net assetsCurrentYearInstant_NonConsolidatedMember_RetainedEarningsBroughtForwardMember6924000000JPY
Net assetsCurrentYearInstant_NonConsolidatedMember_RetainedEarningsMember13942000000JPY
Net assetsPrior1YearInstant_NonConsolidatedMember_TreasuryStockMember-1007000000JPY
Net assetsPrior1YearInstant_NonConsolidatedMember_ShareholdersEquityMember14102000000JPY
Net assetsPrior1YearInstant_NonConsolidatedMember_ValuationDifferenceOnAvailableForSaleSecuritiesMember2387000000JPY
Net assetsPrior1YearInstant_NonConsolidatedMember_RevaluationReserveForLandMember474000000JPY
Net assetsPrior1YearInstant_NonConsolidatedMember_ValuationAndTranslationAdjustmentsMember2862000000JPY
Net assetsPrior1YearInstant_NonConsolidatedMember_SubscriptionRightsToSharesMember47000000JPY
Net assetsPrior1YearInstant_NonConsolidatedMember17013000000JPY
Provision of reserve for advanced depreciation of noncurrent assetsCurrentYearDuration_NonConsolidatedMember_ShareholdersEquityMember-JPY
Provision of reserve for advanced depreciation of noncurrent assetsCurrentYearDuration_NonConsolidatedMember-JPY
Reversal of reserve for advanced depreciation of noncurrent assetsCurrentYearDuration_NonConsolidatedMember_ShareholdersEquityMember-JPY
Reversal of reserve for advanced depreciation of noncurrent assetsCurrentYearDuration_NonConsolidatedMember-JPY
Adjustment of reserve for advanced depreciation of noncurrent assets accompanying effective tariff changeCurrentYearDuration_NonConsolidatedMember_ShareholdersEquityMember-JPY
Adjustment of reserve for advanced depreciation of noncurrent assets accompanying effective tariff changeCurrentYearDuration_NonConsolidatedMember-JPY
Reversal of reserve for special account for advanced depreciation of noncurrent assetsCurrentYearDuration_NonConsolidatedMember_ShareholdersEquityMember-JPY
Reversal of reserve for special account for advanced depreciation of noncurrent assetsCurrentYearDuration_NonConsolidatedMember-JPY
Dividends from surplusCurrentYearDuration_NonConsolidatedMember_ShareholdersEquityMember-896000000JPY
Dividends from surplusCurrentYearDuration_NonConsolidatedMember-896000000JPY
Profit lossCurrentYearDuration_NonConsolidatedMember_ShareholdersEquityMember760000000JPY
Profit lossCurrentYearDuration_NonConsolidatedMember760000000JPY
Purchase of treasury stockCurrentYearDuration_NonConsolidatedMember_TreasuryStockMember-620000000JPY
Purchase of treasury stockCurrentYearDuration_NonConsolidatedMember_ShareholdersEquityMember-620000000JPY
Purchase of treasury stockCurrentYearDuration_NonConsolidatedMember-620000000JPY
Disposal of treasury stockCurrentYearDuration_NonConsolidatedMember_TreasuryStockMember14000000JPY
Disposal of treasury stockCurrentYearDuration_NonConsolidatedMember_ShareholdersEquityMember22000000JPY
Disposal of treasury stockCurrentYearDuration_NonConsolidatedMember22000000JPY
Net changes of items other than shareholders equityCurrentYearDuration_NonConsolidatedMember_ValuationDifferenceOnAvailableForSaleSecuritiesMember-125000000JPY
Net changes of items other than shareholders equityCurrentYearDuration_NonConsolidatedMember_RevaluationReserveForLandMember-9000000JPY
Net changes of items other than shareholders equityCurrentYearDuration_NonConsolidatedMember_ValuationAndTranslationAdjustmentsMember-134000000JPY
Net changes of items other than shareholders equityCurrentYearDuration_NonConsolidatedMember_SubscriptionRightsToSharesMember-3000000JPY
Net changes of items other than shareholders equityCurrentYearDuration_NonConsolidatedMember-137000000JPY
Total changes of items during the periodCurrentYearDuration_NonConsolidatedMember_TreasuryStockMember-605000000JPY
Total changes of items during the periodCurrentYearDuration_NonConsolidatedMember_ShareholdersEquityMember-733000000JPY
Total changes of items during the periodCurrentYearDuration_NonConsolidatedMember_ValuationDifferenceOnAvailableForSaleSecuritiesMember-125000000JPY
Total changes of items during the periodCurrentYearDuration_NonConsolidatedMember_RevaluationReserveForLandMember-9000000JPY
Total changes of items during the periodCurrentYearDuration_NonConsolidatedMember_ValuationAndTranslationAdjustmentsMember-134000000JPY
Total changes of items during the periodCurrentYearDuration_NonConsolidatedMember_SubscriptionRightsToSharesMember-3000000JPY
Total changes of items during the periodCurrentYearDuration_NonConsolidatedMember-871000000JPY
Net assetsCurrentYearInstant_NonConsolidatedMember_TreasuryStockMember-1613000000JPY
Net assetsCurrentYearInstant_NonConsolidatedMember_ShareholdersEquityMember13368000000JPY
Net assetsCurrentYearInstant_NonConsolidatedMember_ValuationDifferenceOnAvailableForSaleSecuritiesMember2262000000JPY
Net assetsCurrentYearInstant_NonConsolidatedMember_RevaluationReserveForLandMember465000000JPY
Net assetsCurrentYearInstant_NonConsolidatedMember_ValuationAndTranslationAdjustmentsMember2728000000JPY
Net assetsCurrentYearInstant_NonConsolidatedMember_SubscriptionRightsToSharesMember44000000JPY
Net assetsCurrentYearInstant_NonConsolidatedMember16141000000JPY
Document title cover pageFilingDateInstant
Original text (Japanese)有価証券報告書
Clause of stipulation cover pageFilingDateInstant
Original text (Japanese)金融商品取引法第24条第1項
Place of filing cover pageFilingDateInstant
Original text (Japanese)関東財務局長

Every row of the EDINET CSV. Item names are the XBRL element names; filed text is kept in its original Japanese. Filed text is available on Plus and Pro.

Data checks · 24 of 24 passed
balance sheet identityconsolidated 2024-03-31pass
balance sheet identityconsolidated 2025-03-31pass rounding
balance sheet identitynon_consolidated 2024-03-31pass
balance sheet identitynon_consolidated 2025-03-31pass rounding
dei present pass
period resolution pass
statement vs summary · net assetsconsolidated 2023-03-31pass
statement vs summary · net assetsconsolidated 2024-03-31pass
statement vs summary · net assetsconsolidated 2025-03-31pass
statement vs summary · net assetsnon_consolidated 2023-03-31pass
statement vs summary · net assetsnon_consolidated 2024-03-31pass
statement vs summary · net assetsnon_consolidated 2025-03-31pass
statement vs summary · net income attributable to parentconsolidated 2023-04-01/2024-03-31pass
statement vs summary · net income attributable to parentconsolidated 2024-04-01/2025-03-31pass
statement vs summary · operating cash flowconsolidated 2023-04-01/2024-03-31pass
statement vs summary · operating cash flowconsolidated 2024-04-01/2025-03-31pass
statement vs summary · revenueconsolidated 2023-04-01/2024-03-31pass
statement vs summary · revenueconsolidated 2024-04-01/2025-03-31pass
statement vs summary · revenuenon_consolidated 2023-04-01/2024-03-31pass
statement vs summary · revenuenon_consolidated 2024-04-01/2025-03-31pass
statement vs summary · total assetsconsolidated 2024-03-31pass
statement vs summary · total assetsconsolidated 2025-03-31pass
statement vs summary · total assetsnon_consolidated 2024-03-31pass
statement vs summary · total assetsnon_consolidated 2025-03-31pass